With the S&P 500 index hovering less than 2 percent below its record high, many market participants are calling for a correction of about 10 percent. Marc Faber, editor of The Gloom, Boom & Doom Report, is calling for a little more than that.
“For the last two years, I’ve been thinking that U.S. stocks are due for a correction,” he told CNBC. “But I always say a bubble is a bubble, and if there’s no correction, the market will go up. And one day it will go down, big-time.”
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Also from Marc:
Chinese Markets an Accident waiting to happen
Marc Faber, editor and publisher at The Gloom, Boom & Doom Report, says China’s true growth rate is a maximum of 5 percent, not 7 percent
